State Street Expands Relationship with Babson Capital
September 28 2010 - 1:00PM
Business Wire
State Street Corporation (NYSE: STT), one of the world’s leading
providers of financial services to institutional investors,
announced today that it is expanding its relationship with Babson
Capital Management LLC to provide investment operations and
technology services. Today’s announcement builds on State Street’s
existing relationship with Babson Capital whereby State Street has
provided custody, trustee, private equity and hedge fund services
since 2001.
“As we expand domestically and globally, enhancing our
relationship with State Street is an ideal opportunity for our
clients and our firm,” said Thomas M. Finke, chairman and chief
executive officer of Babson Capital. “Leveraging State Street’s
expertise in global operations services will allow us to improve
access to data, decrease reliance on multiple internal systems,
take advantage of new developments in technology, and achieve
greater overall operating efficiency. This will allow us to focus
more on providing our clients with exceptional service and
performance results and on developing our future growth
strategies.”
“We are pleased that Babson Capital has chosen State Street for
the needs of its expanding global business,” said Jeff Conway,
executive vice president and head of investment operations
servicing and new business integration at State Street. “As the
financial markets become more complex, the technology systems
required to maintain and develop new investment strategies has
increased substantially. Our experience in providing scalable
solutions for asset managers’ investment operations helps them
create additional efficiencies to achieve their growth
objectives.”
This expanded partnership with Babson Capital builds on State
Street’s industry leadership in the investment operations
outsourcing market. State Street provides services for more than $6
trillion in middle office assets to clients globally. These
services help investment managers convert substantial fixed
operating costs to a variable cost model, eliminating manual
processes and ensuring data integrity.
Babson Capital Management LLC and its subsidiaries serve
institutional investors around the globe and have $128.9 billion in
assets under management as of June 30, 2010. Through proprietary
research and analysis and a focus on investment fundamentals, we
develop products and strategies that leverage our broad array of
expertise in fixed income, equities, alternatives, structured
products, debt financing for corporations and commercial real
estate. Based in Boston and Springfield, Mass., and Charlotte,
N.C., with offices in New York City and Los Angeles, the firm’s
subsidiaries include Babson Capital Europe Limited in London,
Babson Capital Australia Pty Ltd in Sydney, and Cornerstone Real
Estate Advisers LLC in Hartford, Conn. Babson Capital is a member
of the MassMutual Financial Group and is on the web at
www.BabsonCapital.com.
State Street Corporation (NYSE: STT) is one of the world's
leading providers of financial services to institutional investors
including investment servicing, investment management and
investment research and trading. With $19 trillion in assets under
custody and administration and $1.8 trillion in assets under
management at June 30, 2010, State Street operates in 25 countries
and more than 100 geographic markets worldwide. For more
information, visit State Street’s web site at
www.statestreet.com.
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